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Dec 31, 2012
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>> i put greece out on its own because the magnitude of the downturn in greece has been phenomenal. it's had six recessive years. the loss of income is of the order of 20% to 30% on average. we've had nothing like that in this country. we're almost due to be back next year to where we were in 2007. it's not as though we've had a massive loss of income. so that's a fundamental loss of explanation. there are also cultural differences in some countries there is more of a tradition of having riots. if for instance, you contrast ireland and spain very similar pathologists a problem leading to the downturn. in ireland there were muted protest. in spain we've seen that the indignants have been on the streets of madrid since 2010. these are the sorts of differences that are the result of different cultural attitude to what's going on. >> it is a different cultural thing in history than people have done in the past? >> you would add to that that in spain they got use to a never-ending prosperity. in a decade prior to 2007, spain had been the booming economy of europe. at one stage during the
>> i put greece out on its own because the magnitude of the downturn in greece has been phenomenal. it's had six recessive years. the loss of income is of the order of 20% to 30% on average. we've had nothing like that in this country. we're almost due to be back next year to where we were in 2007. it's not as though we've had a massive loss of income. so that's a fundamental loss of explanation. there are also cultural differences in some countries there is more of a tradition of having...
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Dec 27, 2012
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similarly in greece. so, you had executives coming to greece, bribing politicians. the greek government -- they did not listen. then 2008. the conservative prime minister, he is not a stupid man. he was a terrible prime minister, but he is not a stupid man. you know what he did? he bailed out. he has not spoken since. he affectively called for a general election. he did not contest it. it was much worse than obama's first debate. he appeared before them and was like "don't vote for me." he lost that election. he did not have to call for that election. he called for it to lose it, to stay at home. he has not spoken since. he is having a nice holiday. and then there was papandreou. i was an advisor up until 2006. so i am not to blame. who unfortunately, he did not see the crisis of the eurozone collapsing. the eurozone had no foundation. there was an earthquake. it starts unraveling with greece. and let's say between 1995 2008 god and his angels descended on an athens and ran the show. with rationality, omniscience, ethos, and morality. greece would not have been the
similarly in greece. so, you had executives coming to greece, bribing politicians. the greek government -- they did not listen. then 2008. the conservative prime minister, he is not a stupid man. he was a terrible prime minister, but he is not a stupid man. you know what he did? he bailed out. he has not spoken since. he affectively called for a general election. he did not contest it. it was much worse than obama's first debate. he appeared before them and was like "don't vote for...
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Dec 27, 2012
12/12
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similarly in greece. so, you had executives coming to greece, bribing politicians. the greek government -- they did not listen. then 2008. the conservative prime minister, he is not a stupid man. he was a terrible prime minister, but he is not a stupid man. you know what he did? he bailed out. he has not spoken since. he affectively called for a general election. he did not contest it. it was much worse than obama's first debate. he appeared before them and was like "don't vote for me." he lost that election. he did not have to call for that election. he called for it to lose it, to stay at home. he has not spoken since. he is having a nice holiday. and then there was papandreou. i was an advisor up until 2006. so i am not to blame. who unfortunately, he did not see the crisis of the eurozone collapsing. the eurozone had no foundation. there was an earthquake. it starts unraveling with greece. now, let's say between 1995 and 2008 god and his angels descended on an athens and ran the show. with rationality, omniscience, ethos, and morality. greece would not have been
similarly in greece. so, you had executives coming to greece, bribing politicians. the greek government -- they did not listen. then 2008. the conservative prime minister, he is not a stupid man. he was a terrible prime minister, but he is not a stupid man. you know what he did? he bailed out. he has not spoken since. he affectively called for a general election. he did not contest it. it was much worse than obama's first debate. he appeared before them and was like "don't vote for...
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Dec 27, 2012
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like we are doing in greece. in greece, we've had the most brutal, a substantial fiscal squeeze and in the history of humanity. if you look at the numbers, and nowhere before as the budget -- has the budget been squashed so savagely. and what happened to the debt? 129% to 200% of gdp. it is what happens. when you kill the cow that produces the milk, it will not produce more milk and if you keep hitting it, it will not produce more. the problem with the economy is, we need to start recycling global surpluses again in a rational way. the great advantage of having no qualms about lying through your teeth as politicians in this country and in my country have been known to do -- the story that i have been trying to tell is quite complicated. you can use simplification in order to confuse people. when in being interviewed by the media, you have about 20 seconds. you have to answer the question of what is wrong with the world. if you say, well, we have too much debt. we will become the slaves of the chinese like these a
like we are doing in greece. in greece, we've had the most brutal, a substantial fiscal squeeze and in the history of humanity. if you look at the numbers, and nowhere before as the budget -- has the budget been squashed so savagely. and what happened to the debt? 129% to 200% of gdp. it is what happens. when you kill the cow that produces the milk, it will not produce more milk and if you keep hitting it, it will not produce more. the problem with the economy is, we need to start recycling...
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Dec 17, 2012
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poland is as different as greece is from some land.-- finland. europe is now divided in many ways. there are a few elements of the communist past you can see. there is a paranoid element in politics that comes from the legacy of people being spied on and having lived in an oppressive system. they are more paranoid about secret deals behind their backs, because secret deals were done behind their backs, and that is understandable. there is an anxiety about being left behind by the west. the memory of the past continues to play out, but in truth, these countries are more different from one another than they are similar. >> you chose three of eight countries behind the iron curtain? >> it depends on how you count. >> what were the three? >> i chose to poland, hungary, and east germany. they have different historical background. they belong to different empires in the 19th century. they have different political traditions and mostly because they have given experiences of the war. germany was nazi germany. poland resisted very strongly. the nazis had one of the most resistant movements
poland is as different as greece is from some land.-- finland. europe is now divided in many ways. there are a few elements of the communist past you can see. there is a paranoid element in politics that comes from the legacy of people being spied on and having lived in an oppressive system. they are more paranoid about secret deals behind their backs, because secret deals were done behind their backs, and that is understandable. there is an anxiety about being left behind by the west. the...
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Dec 24, 2012
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in greece, a permanent bailout. the thing is, whereas markets are an easing institutions for allocating existing goods and services among consumers, they are chronically bad at creating a surplus between deficit regions. remember -- if that comes first, suddenly the money lender who later becomes a banker who later becomes wall street plays a hugely significant role in this process. the banker is the conduct of that -- conduit of that recycling mechanism. when they get an increase in proportion as the result of their mediation of that process. the banker is the same thing as a clothes maker. suddenly, there are two things that must have been. 1 -- society will demand that banks are not allowed to go to the wall. then bankers are affectively blanche, free money for themselves. and the whole mechanism breaks down in 2008. in the eurozone, we made a huge error in europe of binding together these economies. this is not the first time these things that happened. it happened in the united states of america. you have dispa
in greece, a permanent bailout. the thing is, whereas markets are an easing institutions for allocating existing goods and services among consumers, they are chronically bad at creating a surplus between deficit regions. remember -- if that comes first, suddenly the money lender who later becomes a banker who later becomes wall street plays a hugely significant role in this process. the banker is the conduct of that -- conduit of that recycling mechanism. when they get an increase in proportion...
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Dec 27, 2012
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becoming like greece? >> no, that is a profoundly -- do you see as becoming like greece? >> that is a profoundly different situation. the congressional budget office says that if we stay on the course we are on, we will have a debt that is 230% of our gross domestic product of the the next 20 years. most experts say once you get a debt of more than 9% of gross domestic product, that inhibit future economic growth in a significant way. this is just about -- not just about numbers on page, it is really about opportunities for people. whether you will be able to send your kid to school, to college, whether it will be able to buy a car, my house, whether we will have economic opportunity for the people of the country. the best academic research that has been done shows that if a country's debt gets too large in relationship to the size of its economy, the economy does not grow as fast. opportunity is lost. jobs are lost. so there is a similarity with what is happening in europe and what could happen here if we don't get our house in order. >> you talked about a single- minded
becoming like greece? >> no, that is a profoundly -- do you see as becoming like greece? >> that is a profoundly different situation. the congressional budget office says that if we stay on the course we are on, we will have a debt that is 230% of our gross domestic product of the the next 20 years. most experts say once you get a debt of more than 9% of gross domestic product, that inhibit future economic growth in a significant way. this is just about -- not just about numbers on...
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Dec 17, 2012
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poland is as different as greece is from some land. europe is now divided in many ways to -. there are a few elements of the communist past you can see. there is a paranoid element in politics that comes from the legacy of people being spied on and having lived in an oppressive system. they are more paranoid about secret deals behind their backs, because secret deals were done behind their backs, and that is understandable. there is an anxiety about being left behind in the west. the memory of the past continues to play out, but in truth, these countries are more different from one another than they are similar. >> you through -- you chose three of eight countries behind the iron curtain? >> it depends on how you count. >> what were the three democrats i chose to poland, hungary, and east germany. they have different historical background. they belong to different empires in the 19th century. they have different political traditions and mostly because they have given experiences of the war. germany was nazi germany. poland resisted very strongly. the nazis had one of the most
poland is as different as greece is from some land. europe is now divided in many ways to -. there are a few elements of the communist past you can see. there is a paranoid element in politics that comes from the legacy of people being spied on and having lived in an oppressive system. they are more paranoid about secret deals behind their backs, because secret deals were done behind their backs, and that is understandable. there is an anxiety about being left behind in the west. the memory of...
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Dec 13, 2012
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greece. oh, really? greece is not growing. greece has lost 25% in its economy in the past five years. greece's economy shrunk by 7% this year alone. there's a 20% unemployment rate in greece and even higher for younger people. greece doesn't make anything that the rest of the world wants. the american economy is dynamic. the american economy always needs to be improving with education, scientific research and infrastructure investment. so, a rational system, a rational political system would respond much differently than what is going on here in this congress. we're talking about spending cuts and allowing tax cuts that haven't produced economic growth to be extended. all of the people that are talking about spending did all the spending. they are the debt and deficit creators. if we want to experience economic growth we have to invest in this economy. and it's critically important to the future of this nation. medical research. we need to enhance not cut funding to the national institutes of
greece. oh, really? greece is not growing. greece has lost 25% in its economy in the past five years. greece's economy shrunk by 7% this year alone. there's a 20% unemployment rate in greece and even higher for younger people. greece doesn't make anything that the rest of the world wants. the american economy is dynamic. the american economy always needs to be improving with education, scientific research and infrastructure investment. so, a rational system, a rational political system would...
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Dec 10, 2012
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. >> you thought it was from greece. [laughter] >> exactly, you know. i had no idea. these google -- all of these companies which maybe it needs to be a marketing campaign. i don't know. but something i think should be done to change the image of immigrants and make it more positive, and i think that will facilitate everything we're talking about today. so how do you guys think we can maybe change that image of immigrants and make it more positive and not make everybody, when they think of immigrants think of border wars on history channel. >> well, at different times and places, immigrants have been viewed more or less favorably in the united states. this is a nation of immigrants. but when immigration was largely cut off during the 1920's, a lot of americans became somewhat estranged from the immigrant roots of their forebearers. and lost a sense that we were a nation of immigrants. but in some parts of the country today you see the enormous economic vitality it comes with a really diverse and active population that attracts immigrants and kind of zestful necessary
. >> you thought it was from greece. [laughter] >> exactly, you know. i had no idea. these google -- all of these companies which maybe it needs to be a marketing campaign. i don't know. but something i think should be done to change the image of immigrants and make it more positive, and i think that will facilitate everything we're talking about today. so how do you guys think we can maybe change that image of immigrants and make it more positive and not make everybody, when they...
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Dec 26, 2012
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we do have an advantage that greece does not have. we print the world's money. we cannot expect the dollar will be keen to tomorrow. -- forever. if the europeans can manage their deficit and we cannot, the world will switch to euros. there is a tweet here -- guest: the cbo is supposed to be a political, but it cannot be too alarmist. if we go over the cliff, we are looking on january 1, some of this is already milton. about $600 million -- $650 billion in spending cuts and tax increases. that is about 4% of gdp. that is an enormous negative stimulus. a detraction from demand. that would surely be a deep recession. the cbo relies on simulation models that did not take into consideration investor sentiment, the reaction of consumers, and so forth that they wholly lose confidence in their government. if we go over the cliff and stay there, people will start to conclude that washington cannot manage its affairs. all bets are off on economic modeling. it is impossible to say what happened that other than it would be very negative. host: one piece that you actually di
we do have an advantage that greece does not have. we print the world's money. we cannot expect the dollar will be keen to tomorrow. -- forever. if the europeans can manage their deficit and we cannot, the world will switch to euros. there is a tweet here -- guest: the cbo is supposed to be a political, but it cannot be too alarmist. if we go over the cliff, we are looking on january 1, some of this is already milton. about $600 million -- $650 billion in spending cuts and tax increases. that...
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Dec 20, 2012
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many people believe that what's happening in greece cannot happen in the united states. but think about it. greece kept borrowing and spending until eventually they couldn't pay their public workers, take care of the elderly or the poor or deliver any of the services promised to their people. the united states is headed down the very same path. we'll be right back here having this same debate very soon if we don't cut spending. instead we'll be discussing the top 2%, next time it will be the top 50%. and so on. until we're all being attacked, every one. but spending so much that we still cannot meet our only gations -- obligations. this debate should be about spending, not taxes. so that we can give the american people what they want, a strong economy and a guarantee that programs like social security and medicare will remain in tact. i yield back. the speaker pro tempore: the gentleman yields back. for what purpose does the gentlelady from the virgin islands seek recognition? mrs. christensen: address the house for one minute, revise and extend my remarks. the speaker p
many people believe that what's happening in greece cannot happen in the united states. but think about it. greece kept borrowing and spending until eventually they couldn't pay their public workers, take care of the elderly or the poor or deliver any of the services promised to their people. the united states is headed down the very same path. we'll be right back here having this same debate very soon if we don't cut spending. instead we'll be discussing the top 2%, next time it will be the...
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Dec 11, 2012
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guest: greece used to be one of the only three non-u.s. countries in nato that was spending 2% of gdp on national security. they are now below that because they cannot afford it. host: democratic caller, new jersey. caller: i am a retired attorney colonel. i've done a lot of research on the federal budget. whenever we start talking about entitlements, and relating it to the annual budget deficit, we're making a mistake. it has no part today in a problem. the spending increases for the war and other things that we basically did not fund, the huge loss in employment in 2007 and 2008 where people stopped paying taxes and started drawing welfare, and number three, we have the tax cuts, the bush tax cuts and the obama tax cuts which have severely reduced the amount of revenue. the tax burden on americans from the federal government today is an 80-year low. we cannot fund the government with the revenues and loss in jobs that we have. host: cbo has done a study. including all parts of the tax cuts, and you have sequestration, you could increase
guest: greece used to be one of the only three non-u.s. countries in nato that was spending 2% of gdp on national security. they are now below that because they cannot afford it. host: democratic caller, new jersey. caller: i am a retired attorney colonel. i've done a lot of research on the federal budget. whenever we start talking about entitlements, and relating it to the annual budget deficit, we're making a mistake. it has no part today in a problem. the spending increases for the war and...
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Dec 30, 2012
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but we certainly are not greece. >> enough talk about this single-minded focus. and yet you -- you have talked about this single-minded focus. how do you feel about leaving at this particular point in time? >> we still have several weeks. we have laid out the plans. all these efforts i have been part -- all of these efforts that i have been a part of. one reason i did not run again is because i wanted to focus these last two years. i knew if i was running i would not be able to be in the hundreds of hours i have been a part of. they developed a work product to those who are negotiating. many of the ideas we generated will be part of a solution before the end of this year or early next. the work product we produced will be a part of the solution. >> you talk about missing 80% of family birthdays, but will you -- what will you be doing next? >> i don't know. some speaking, some teaching. one thing i can assure you i will not be doing is lobbying. beyond that, i have made that clear that it is not in my interests. it is not what i'm going to be doing. >> there are w
but we certainly are not greece. >> enough talk about this single-minded focus. and yet you -- you have talked about this single-minded focus. how do you feel about leaving at this particular point in time? >> we still have several weeks. we have laid out the plans. all these efforts i have been part -- all of these efforts that i have been a part of. one reason i did not run again is because i wanted to focus these last two years. i knew if i was running i would not be able to be...
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Dec 16, 2012
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given the economic instability that we have in europe, as to what is happening in greece and we have our fiscal cliff here in the united states, what role do you see the council on foreign relations play in the overall big picture, especially helping to ease the situation of the economic problems in the united states? guest: the council on foreign relations is an independent, non-partisan organization that has nothing to do with the u.s. government other than the fact that our scholars try to help influence and educate the public. the government on foreign policy. the uprising in the arab world, to the caller's question, is happening in the worst of all possible times. the u.s. and strapped financially. europe is back in a recession and confronted with serious economic problems, but europe and the united states would, in the past, be the place that traditionally had helped to support economic change and prosperity in that part of the world. now what we're seeing are caught are countries like -- are countries like qatar in saudi arabia stepping in. again, the instability in the region
given the economic instability that we have in europe, as to what is happening in greece and we have our fiscal cliff here in the united states, what role do you see the council on foreign relations play in the overall big picture, especially helping to ease the situation of the economic problems in the united states? guest: the council on foreign relations is an independent, non-partisan organization that has nothing to do with the u.s. government other than the fact that our scholars try to...
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Dec 8, 2012
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>> you thought it was from greece. >> exactly. i had no idea. all of these companies, and maybe it needs to be like a marketing campaign, i do not know, but something i think should be done to change the image of immigrants and make it more positive, and i think that would facilitate everything we are talking about today. how do you guys think we can maybe change the image of immigrants and make it more positive and not make it back when everybody thinks of immigrants, they think of border wars? >> well, at different times and places, immigrants have been viewed more or less favorable in the united states. this is a nation of immigrants, but when immigration was largely cut off in the 1920's, a lot of americans became estranged from the immigrant roots of their forebears, and we lost a sense that we are a nation of immigrants, but we see an enormous economic vitality that comes from a reverse and active population that attracts immigrants and the kind of this, as they add to a community like northern virginia or southern california or texas, whe
>> you thought it was from greece. >> exactly. i had no idea. all of these companies, and maybe it needs to be like a marketing campaign, i do not know, but something i think should be done to change the image of immigrants and make it more positive, and i think that would facilitate everything we are talking about today. how do you guys think we can maybe change the image of immigrants and make it more positive and not make it back when everybody thinks of immigrants, they think of...
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Dec 6, 2012
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little difficulty in distinguishing ourselves from the crisis that is in gulf and europe and especially greece. the other thing we could do is come to a midline course of action where you could actually -- what can you minimally due to cut spending? what can you minimally due to have shared sacrifice so everyone is sacrificing something in this game? the other thing we don't talk about -- the interest rates on the deficit have been the lowest in 200 years. if we went back to what it was 50 years ago, it would triple. ishave not got to thin leaderst not about being popular or well- liked. he may lose his leadership role. in the end, he would have saved this country from fiscal disaster, from bankruptcy, and a crisis that will affect all americans them that all americans. . all americans. host: what would you like to see done? is this a united opinion on the right when it comes to how it should be handled? guest: let's take the impact of the tax policies. that is a very good question. if you are a worker making $60,000 a year, head of household, and if your income bracket is $60,000 a year, curr
little difficulty in distinguishing ourselves from the crisis that is in gulf and europe and especially greece. the other thing we could do is come to a midline course of action where you could actually -- what can you minimally due to cut spending? what can you minimally due to have shared sacrifice so everyone is sacrificing something in this game? the other thing we don't talk about -- the interest rates on the deficit have been the lowest in 200 years. if we went back to what it was 50...
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Dec 11, 2012
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see the kind of contraction that characterized the united states in the 1930's and is characterized greece today. the program of 375 billion pounds is 0.25 of an annual nominal gdp flow. a lot of money. bront money is now expanding at over 5% and we will see the impact of that on demand later in 2013. the second action the bank has taken to provide a breathing space before these broad macroeconomic factors feedthrough is to introduce what we call a funding for lending scheme. a special scheme started on the first of august under which the bank of england, with the garden -- guarantee of the governor because this is a cause i-fiscal action, would provide four-year financing for banks to enable them to increase lending to the real economy or at the least, to contract lending to the real economy by less than they would otherwise have done. we will lend to banks according to how much they are expanding their own net lending to the real economy and the more they expand their net lending, the lower the interest rate which will charge on loans to them. there is a powerful financial incentive buil
see the kind of contraction that characterized the united states in the 1930's and is characterized greece today. the program of 375 billion pounds is 0.25 of an annual nominal gdp flow. a lot of money. bront money is now expanding at over 5% and we will see the impact of that on demand later in 2013. the second action the bank has taken to provide a breathing space before these broad macroeconomic factors feedthrough is to introduce what we call a funding for lending scheme. a special scheme...
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Dec 16, 2012
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to keep our fiscal accounts in balance and move them in the right direction so that we don't become greece? it is interesting that we talk about the -- the previous panel talked about state government and one big problem in europe is there is no fiscal coordination among the independent countries analogous somewhat to our states and who has to bail them out when they haven't done what they are supposed to do? i don't know that we are all that much different. so, we have a great panel. people that are far smarter than i am. i'm going to introduce them now and i will introduce them all and i will sit down and i get to ask some questions. i will ask the panel to keep i will ask the panel to keep their answers
to keep our fiscal accounts in balance and move them in the right direction so that we don't become greece? it is interesting that we talk about the -- the previous panel talked about state government and one big problem in europe is there is no fiscal coordination among the independent countries analogous somewhat to our states and who has to bail them out when they haven't done what they are supposed to do? i don't know that we are all that much different. so, we have a great panel. people...
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Dec 15, 2012
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the same time to do it a in a way we can provide greece service for them regardless of how much revenue is available for them. a lot to talk about what we are doing and not doing. we have a great transaction platform for core a america. we have kept prices down. what we are looking for is, what is the model to serve customers going forward? we are seeing 70,000 do bubble banking customers. half a million czechs get deposited by people taking pictures of them now. the behavior has changed so fast 20 million texts that go out every month saying imbalance as well, make sure you do not overdraft. all of that put together is a tremendous level to serve customers traditionally with branches and atms and things like that. you can provide better service and you do not have to charge fees. >> we have time for a few questions from the audience. if i can ask you to -- it state who you are and who you are with. if you could also keep your questions >> so we can get to as many questions as possible. i think i have somebody walking around with microphones. >> are you indicating or implying that a big
the same time to do it a in a way we can provide greece service for them regardless of how much revenue is available for them. a lot to talk about what we are doing and not doing. we have a great transaction platform for core a america. we have kept prices down. what we are looking for is, what is the model to serve customers going forward? we are seeing 70,000 do bubble banking customers. half a million czechs get deposited by people taking pictures of them now. the behavior has changed so...
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Dec 1, 2012
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the brits were already fighting hard among themselves in the 1820's so should they help greece in the uprising against the turks? [laughter] that, by the way, is a very profound joke. if you are an empire that wants to make sure you play by the rules, it is always good to have a group that is discriminated against and they will go off to build an empire. it is very important. it just came to me with that? if you look out the rest of the democratic world, the spaniards, you name it, they're not exactly gung ho about putting their blood on the line when it comes to pursuing our values. the point, i guess, here is that you always have to have somebody who runs the show. there has to be one of very large power. usually it is anglo-saxon. we are now in a phase of american development with the power that has carried the burden over the last 60 years, as we all know, wants to lead from behind and is retracting from afghanistan, from iraq, and they're now exerting their power from afar and from above. drones above, boots on the ground. i fear if nobody takes on the responsibility of organizin
the brits were already fighting hard among themselves in the 1820's so should they help greece in the uprising against the turks? [laughter] that, by the way, is a very profound joke. if you are an empire that wants to make sure you play by the rules, it is always good to have a group that is discriminated against and they will go off to build an empire. it is very important. it just came to me with that? if you look out the rest of the democratic world, the spaniards, you name it, they're not...
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Dec 7, 2012
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they have found a simply cannot afford their welfare states any more, but which is what is going on in greece and spain and portugal. it leads to these unemployment rates of 20% in some of these countries. host: mr. bivens? guest: that is not what caused the debt in those countries. i think it shows they do not have an independent monetary policy. they cannot have an independent central bank that just prints money the way that we do. i think it is the un-wisdom of the currency union. there is no evidence that countries that our welfare states are in bigger trouble. with the previous caller, i totally agree. the skills of workers more unemployed is not much of to an employer's. -- employers. if there is was this unmet demand for skilled workers out there and employees had openings but there were not the right people, you would see wages spiking in all sorts of occupations. i do not see wages spiking in any sector of the economy right now. the idea that there is this diagnosis that, it is too bad you people are not employed, you people do not have the right skills, there is no evidence that is
they have found a simply cannot afford their welfare states any more, but which is what is going on in greece and spain and portugal. it leads to these unemployment rates of 20% in some of these countries. host: mr. bivens? guest: that is not what caused the debt in those countries. i think it shows they do not have an independent monetary policy. they cannot have an independent central bank that just prints money the way that we do. i think it is the un-wisdom of the currency union. there is...
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Dec 4, 2012
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the white house has said there would been on and on and no deals unless you look for greece to increase tax rates on the wealthy next year. >> what do they say about sequestration's and also changes to entitlement programs? >> interestingly, the debt limit does not address in this proposal. you will collin they proposed a change in the way the debt limit who was released. if you are asking their aides, and they tell us the speaker would be open to increasing the debt limit, but he is sticking to his rule that it must be accompanied by cuts and spending reform equal to or greater than the increase. it could be put on the table for negotiation. they are not laying out specific changes to medicare and medicaid. they want $600 billion in health savings. they mention things that have been mentioned for a year-and-a- half, including the eligibility age for medicare for a number of years and also means testing medicare benefits so they either pay more in premiums or receive less in benefits. the change to social security is also something that has come up repeatedly in these negotiations, whic
the white house has said there would been on and on and no deals unless you look for greece to increase tax rates on the wealthy next year. >> what do they say about sequestration's and also changes to entitlement programs? >> interestingly, the debt limit does not address in this proposal. you will collin they proposed a change in the way the debt limit who was released. if you are asking their aides, and they tell us the speaker would be open to increasing the debt limit, but he...